Hedge fund reduces CVX holdings to 2 million shares amid Chevron’s shift to low-cost, high-return assets.
Renaissance Technologies reduced its Chevron Corporation (NYSE:CVX) stake by 8% in the first quarter, holding 2 million shares. The fund had previously owned over 5.7 million shares in mid-2022, reflecting a long-term but fluctuating position in the energy giant since 2011.
Chevron’s strategy focuses on low-cost, high-return assets, with recent production reaching 3.35 million barrels of oil equivalent per day. Domestic Permian Basin output grew 7% year-over-year, while the Anchor project in the Gulf of Mexico advances, targeting low-carbon-intensity barrels.
The move aligns with broader investor interest in Chevron’s disciplined capital allocation and short-cycle flexibility.